Faster Company Formation in Singapore
Why Should You Register Your Company in Singapore?
Starting a business in Singapore has never been this easy. S K Patodia & Associates offer you a comprehensive guide to company formation in Singapore, i.e. registration specifics, documents required, procedure and a specific time-period. We are a top-notch service provider for business entities looking to consolidate and grow their business in Singapore. Our brand name is synonymous with trust, and we aim to provide superior assistance to help register a company in Singapore; a key regional and global hub for conglomerates to do business.
Singapore is the fourth largest foreign exchange trading centre in the world, driven by its consistent innovation across diverse diligence. It is a leading service provider for numerous domains including international banking, trade finance, maritime finance, insurance, treasury operations, assets and wealth management within the region. We help you with the business registration in Singapore, which is an ideal location to do business with its seamless connectivity in Asia. This internationally connected, multi-cultural, cosmopolitan city provides a favourable environment to several corporations, comprising creative and knowledge-driven ones.
Choose from Different Types of Companies in Singapore
Limited Liability Company (LLC)
This kind of company is limited by shares; thus its liabilities are limited to the amount of share capital. LLCs are business entities registered under the Singapore Companies Act. It is a separate legal entity from its members. In an LLC, the liabilities of the owners are limited to assets within the company. Additionally, their personal assets are secured from business liabilities.
A LLC in Singapore can fall under one of the following categories:
- Private Limited Liability: A private Limited company is a LLC in which the shares are possessed by less than fifty people and is not common to the public. Most private companies in Singapore are registered as a private limited company and are generally suffixed with 'Private Limited' or 'PTE Ltd'. This is an ideal form of business structure for committed enterprisers.
- Public Company: A public Limited company is a LLC that may offer shares to general public. A public limited company must have at least 50 shareholders and is subject to more rigid laws as they have the potential to raise funds from the public. Usually, such types of public limited companies are listed on stock exchange.
- Public Company limited by Guarantee: In this case, a company can be deemed for non-profit purposes.
Business Without Limited Liability Concept
- Representative Office: This type of office is filed as non-permanent. It is mostly set-up as a means to direct market-research campaigns. Such an entity does not possess a legal footing. Hence, it cannot participate in ventures associated with profit-making.
- Branch Office: this type of entity is registered as an extension of the main firm and is not an entirely separate incorporation. Hence, the liabilities of the Branch Office are applicable to the main company.
Procedure to Register a Company in Singapore
All the companies in Singapore must be registered with Accounting & Corporate Regulatory Authority (ACRA). The business entity could be in the form of an individual, small company or corporation that is carrying business with foreign enterprises.
Requirements for Company Formation in Singapore
Basic Requirements for Company Formation in Singapore
- Minimum 1 Shareholder (Individual/Corporate Entity)
- 1 Resident Director
- 1 Company Secretary
- Minimum Paid-up Capital of S$1
- A local registered office address
- A Director or Shareholder can be the same or different person
- 100% local or foreign shareholdings is also allowed
- Maximum 50 Shareholders for a private limited company
- Director must be a resident of a country or must own an Entrepreneur Pass or a Dependent / Employment Pass.
Documents Required for Company Registration in Singapore
- Name of the business entity
- A brief account of the company ventures (use the Singapore Industrial Classification Code (SSIC) 2010) to select the business activities.
- Shareholders details
- Director’s details
- Registered Address Details
- Company Secretary Details
- Memorandum & Articles of Association
Office Space for Company Incorporation in Singapore
For the registration process, a local address in Singapore must be put forward as the office address.
The shareholders or directors can be from Singapore or from a foreign country. However, at least one director should be residing in the country.
Our Singapore Company Incorporation Services
Bank Account Opening in Singapore
We aid in the service of opening a bank account for companies in Singapore. Bank signatories are required to be present for this procedure. The deposit and maintenance of monthly balance differs in various banks. Similarly, different banks have different detail requirements. Listed below are the main details about the company a bank considers before opening bank account:
- Chief ventures of the company
- Notarised Memorandum & Articles of Association (M&AA) of the company
- List of Beneficial Owners
- Existing Sales Invoices
- List of prospective customers & suppliers
- Existing Suppliers' Invoices
- List of products/services
- Source of finance of your Company
- Existing Bank Statements for the past 3 months (Company/Directors/Beneficial Owners/Bank Signatories)
- Anticipated sales/turnover for First Year
- Notarised Passport of Directors/Bank Signatories/Beneficial Owners
- Expected incoming fund and from which country
- Expected outgoing fund and to which country
- Anticipated sales/turnover for Second Year
Singapore Company Secretary Services
A company secretary needs to be appointed after 6 months of the incorporation of the company. It cannot be the same person as the shareholder or the director. The duties encompass recording and preserving a list of details about members, maintain updates and prepare meetings among others.
Taxation and DTAA Services
- Singapore’s corporate tax rate is covered at 17%. Additionally, there is no Dividend Distribution Tax.
- For newly incorporated companies, the Start-up tax Exemption (SUTE) scheme makes the effective corporate tax rate below 6% for annual profits up to S$3,00,000
- Singapore’s personal tax rates start at 0% and are pegged at 20% for residents, and a flat rate of 15% is estimated for non-residents
- If foreign dividend has suffered double taxation, then the taxpayer can claim double taxation relief as per the provisions of Double Taxation Avoidance Agreement entered between the Indian and Singapore Government
Singapore Audit and Accounting Services
Maintaining accurate record of accounts is mandatory as per the Singapore Companies Act. This is essential so that error-free accounts of the firm’s profit and loss can be maintained on paper. To ensure the smooth running of accounts one must abide by the deadlines for the statutory filings to be met. These include:
- Annual returns
- GST returns
- Estimated Chargeable Income
- Annual Tax Return
Auditing is mandate for all companies except the ones exempt from it. We offer audit and related services, monetary certification and audit tax consulting. In order to be exempt from audit, a firm needs to fulfil the below-mentioned criteria:
- Revenue should be less than $ 5 million
- Consent to audit exemption by all shareholders
- Only applicable to a Private Limited Company
- Absence of corporate shareholders
- Fewer than 20 shareholders
This gives you the liberty to run your business from another country. It is beneficial for individuals/firms looking at Singapore company formation and have no plans to settle the country. You do not have to be physically present in Singapore and can appoint a local director, i.e. a Nominee Director with our services.
We offer ‘renting’ of office address with our Virtual Office service. With this provision, you can start your business without having to lease an office space. It is also beneficial in other compliances like bank accounts, statutory filing and communications.
Advantages of Singapore Company Registration
- Strategic Location: Its strategic location ensures top-notch connectivity. Singapore’s port is one of the busiest in the world, and the country is characterised as a prime International Maritime Centre.
- Ideal Place for Global Trade and Commerce: Singapore is located at the heart of the Asia Pacific region which makes this area an ideal destination for international companies planning to tap major Asian markets including Taiwan, India, China, Malaysia and even Australia.
- Business Setup in Singapore with Ease: Singapore is known for its professional business environment and offers huge progression opportunities to the investors. It is easy to set up business here. It is estimated to be one of the few countries in the world where business can be set up with ease and at the same time, the owners can garner significant revenues. The time frame to incorporate a company in Singapore is estimated to be about two to three days along with government assistance.
- Outstanding Tax Benefits: Tax resident status can be enjoyed by foreign companies who set up a Singapore subsidiary company. In other words, they can avail the benefits of tax incentives and exemptions exclusive to local businesses. A newly incorporated parent Company, with at least one individual shareholder that has a minimum of 10% shareholdings, is entitled to the local tax exemption of zero tax for the first S$ 100,000 of its chargeable income.
- Flexible Immigration Policies: The Singapore government provides several tax incentives to certain foreign companies to attract more companies to set up their business operations from Singapore. It also offers long-lasting competitive benefits. Thus, there is an extensive list of foreign investors lined up to set up their Business in Asian Market.
Time Period for Registering a Company in Singapore
If you are making an allowance for entering the Asian market, then S. K. Patodia & Associates is a one-stop solution that will help you to spread your wings in desired business destination. It usually takes 1 week for setting up a company in Singapore.